Ramsdens Holdings PLC Pre-Close Trading Update (2526C)
10 Octubre 2022 - 1:00AM
UK Regulatory
TIDMRFX
RNS Number : 2526C
Ramsdens Holdings PLC
10 October 2022
10 October 2022
Ramsdens Holdings PLC
("Ramsdens" or the "Group")
Pre-Close Trading Update
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Trading ahead of expectations driven by a strong recovery in
foreign currency income and growth across all business segments
Ramsdens Holdings PLC, the diversified financial services
provider and retailer, announces a pre-close trading update for the
year ended 30 September 2022 (the "Period").
During the Period, Ramsdens delivered a strong performance
across each of its four key segments. As a result of this, the
Group expects to report annual profit before tax ahead of
expectations.
Highlights
- Foreign Currency gross profit grew significantly to
approximately GBP12.6m (FY21: GBP3.3m). Income almost returned to
pre pandemic levels driven by a recovery in volumes and improved
margins.
- Revenue generated by the Group's jewellery retail segment grew
by more than 40% to approximately GBP26.2m (FY21: GBP18.3m), driven
by strategic investments in stock and improved merchandising.
- Demand for pawnbroking loans grew during the year as a result
of customer spending habits returning following the easing of
restrictions related to covid-19 and fewer alternative options for
small sum short term credit. As at 30 September 2022, the loan book
had increased by over 40% to GBP8.6m (FY21: GBP6.1m), which is
above the pre pandemic loan book of GBP7.7m at 31 March 2020.
- Precious metal buying volumes increased throughout the summer,
aided by the high gold price and increased footfall. Revenue was up
more than 50% to approximately GBP16.0m (FY21: GBP10.3m), returning
to pre pandemic levels.
Peter Kenyon, CEO of Ramsdens commented:
"We are pleased with the Group's very strong performance during
the year, which again reflects the resilience of our business model
and the strength of our value-for-money reputation amongst
customers.
We are particularly pleased with the strong rebound in our
foreign currency segment, which has been a key driver behind our
profit performance.
Our staff have continued to deliver fantastic service to our
growing customer base, and I would like to take this opportunity to
publicly thank them all for their commitment. We continue to invest
in attracting, retaining and rewarding our staff as we develop what
I believe to be the best team in the industry.
Ramsdens has recovered well from the impact of the pandemic, and
while the economic backdrop is challenging and we are not immune to
external cost pressures, the Board is confident that with our
diversified income streams, our value-for-money proposition and
growing brand awareness, we are in a good position to continue our
positive momentum into the new financial year."
The Board expects to release its Annual Financial Report in
mid-January 2023.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 as amended by The Market Abuse
(Amendment) (EU Exit) Regulations 2019. The person responsible for
making this announcement on behalf of the Company is Peter
Kenyon.
Enquiries:
Ramsdens Holdings PLC Tel: +44 (0) 1642 579957
Peter Kenyon, CEO
Martin Clyburn, CFO
Liberum Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3100 2000
Richard Crawley
Lauren Kettle
Hudson Sandler (Financial PR) Tel: +44 (0) 20 7796 4133
Alex Brennan
Lucy Wollam
Emily Brooker
About Ramsdens
Ramsdens is a growing, diversified, financial services provider
and retailer, operating in the four core business segments of
foreign currency exchange, pawnbroking loans, precious metals
buying and selling and retailing of second hand and new jewellery.
Ramsdens does not offer unsecured high cost short term credit.
Headquartered in Middlesbrough, the Group operates from 157
stores within the UK (including 3 franchised stores) and has a
growing online presence.
Ramsdens is fully FCA authorised for its pawnbroking and credit
broking activities.
www.ramsdensplc.com
www.ramsdensforcash.co.uk
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END
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